Mortgage Rates Remain Low Despite Prospect of September Hike

Mortgage rates for 30-year fixed home loans rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.77 percent, up 2 basis points from the same time last week.

The 30-year fixed rate rose Wednesday, then returned to the current rate and stayed there for the rest of the week.

“Mortgage rates temporarily rose last week after [Federal Reserve Bank of Atlanta president Dennis Lockhart] said interest rates could increase in September, but ended the week essentially where they started,” said Erin Lantz, vice president of mortgages at Zillow. “Mortgage rates should move lower as investors seek safety after China devalued the yuan. Friday’s Consumer Sentiment data could also move rates toward the end of the week.”